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“The FTSE100 opened on the front foot as sterling dipped against the US dollar and the euro after a new opinion poll forecast that the Conservatives could fall short of an overall majority in next week’s General Election. In the UK, traders will be looking at mortgage approvals, net lending to individuals and M4 Money Supply while Europe's consumer-price index and various jobless data will also be scrutinised,” says AJ Bell Investment Director Russ Mould.
“Oil and gas services group Lamprell was a double-digit riser after it agreed a proposed joint venture to establish a maritime yard in Saudi Arabia. Lamprell’s partners in the proposed JV are Saudi Aramco Development Co, a wholly-owned subsidiary of Saudi Arabian Oil Company; the National Shipping Company of Saudi Arabia and Hyundai Heavy Industries Co. This is transformational deal which would not only make Lamprell a participant in potentially one of the largest yards in the Arabian Gulf but also provide access to the most important market in the industry and one of the largest players in the sector. Lamprell’s shares were up by more than 10.3% in early trading.
“IG Group topped the FTSE250 board following a bullish year-end update. The online trading group expects profits and earnings to be modesty ahead of last time. Financial markets were quiet in the group’s fourth quarter but revenue were higher than a year ago and full year revenues are expected to be up by around 7%. The group maintained operating expenses in the second half at around the same level as the first six months, including a rebate from the Financial Services Compensation Scheme relating to prior years. IG Group’s shares were up by more than 3.6%.
“London-focused residential property developer Telford Homes’ shares were up after full-year pre-tax profits rose to £34.1m from £32.2m and beat market forecasts. Telford's revenue rose to a record £291.9m, up 19% from £245.6m, and the group is on track to exceed £40m of pre-tax profit in 2018 and £50m in 2019. The group is at the forefront of the London build to rent sector and aims to increase activity in the coming months. Telford Homes’ shares were up by over 1.6%.”
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